Category: Paying debt off

Brand New and starting over

Hi everyone! Like most in this blog, I am getting our family out of debt. We had some unfortunate and great things happen to us in 2015. We got married, had a baby(c-section without insurance) and both lost our jobs. Sounds fun right???? We moved into a more cost effective apartment and I am starting a job on Monday. Our families have been able to help us for almost a year now but we don’t want to owe them any more money than where we are at. We are $26,000.00 in debt which is what I will make this year. I filed for bankruptcy a few years ago and don’t plan on doing it again.

Any advice on how to start back over from scratch would be very helpful.

I’m open to discuss our situation further since we’re in the same boat.

Thanks a million!!!

Welcome to the blog:) I wanted to say congrats on your new baby! Also on your new job! Good luck with it! WIsh i had some suggestions but I don’t:( Good luck and i hope some here can help out more!

Thanks,

I’ve been reading as much as I can in the past few days. There’s a lot of great information on here.

Thanks again…it’s nice to “meet” you.

I am considering paying my way to long held credit card off

Hello, i am new to this group… only recieved a few emails so far…

BUT!!!!! i am considering paying my way -to – long held credit card off, in one whack, just to get rid of it. i know how much $$ i do owe, but i have heard, that sometimes if you talk to them, and tell them, you want to outright pay it off, they give you a break.

has anyone ever done this?? should i call and ask if they will do it?? who should i ask for? this is for a bank of America CC. we had it forever and all we ever did pay way too much in interest. anyhow, if anybody has any good ideas, i would be thankful. oohh, i will be gone till Tuesday, so i will be unable to respond to any emails.

If you can pay it all off at once… do it, except are you paying with money you’ve actually accumulated/received or are you paying it off with another line of credit or a loan of some sort at a lower interest rate? If the card you have has always had high interest, they may not budge, but you could always try calling them, or going into the bank personally to negotiate for a lower interest rate.

If they won’t work with you, there are literally thousands of creditors with lower interest rates (especially if you have a good credit score). Now if you are in jam with credit, it may be best to pay off any outstanding balances and stop uisng credit for awhile altogether. Learn to live within or lower than your means with a cash out of pocket budget, only. That is what I had to do. My life is so much simpler and free (mentally and emotionally) this way.

I suggested that he moves back home

I suggested that he move back home with his parents until he gets back on his feet. They also suggested the same thing. I have gone into my pocket and paid his last months rent. Thank goodness his car is paid off. But he is having a hard time getting the credit card bills paid. I have been there when the credit card company called and he will tell the customer service rep his situation. Then about 2 or 3 hours later they will call again except it will be someone different. I tell him to get their names and write down the times they call. I also suggested that he tell them that he was recording the calls. I have personally witnessed 9 calls in one day. Why do they even bother to call when they know he cannot pay and when he has already spoken to them once? Until he moves back in with his parents I am buying his food. The phone ringing constantly is harassment. I am trying to give him support through this situation and let him know that things will get better. Until then I am fighting for him and would like as much helpful information as possible.

Maybe your friend could stop answering the phone. Turn off the ringer and then check caller ID or messages for important messages to call back – once or twice a day. Just to avoid the physical hassle from the creditors/debt collectors. They will not listen, nor do they care one iota about personal problems. If he could move back in with his parents temporarily that would really help with getting rid of the debts, if they are supportive of that for a short time.

It’s happened to millions of young adults between the ages of 18-30. I don’t know how old he is, but I assume he is still fairly young and also since he is not a home owner, if he would prefer not live with his parents for whatever reasons, maybe he could find some roommates instead to alleviate his living expenses more. If there are other ways he could downsize his living expenses temporarily that would also be in his best interest to pay off those debts as fast as possible. Also, instead of applying for payday loans he should consider installment loans for bad credit from www.MtpLoans.com – they are a much better alternative because of their prolonged payment schedule. Read this article to learn more about key differences.

I have more to add about your friends situation. Not for him, but for you and his parents. All of you need to be really careful, at just how much you continue to help him financially. I know some people are truly grateful and will only accept a little help. But there are more people, who once given help, expect more and more help, because it keeps them from actually helping themselves. Think about that and keep a caution up.

If he has been out of work for five months, now would be a time to for him to swallow the pride and maybe just take any job or jobs to start working somewhere/anywhere while searching for the wonderful job he really wants.

Working anywhere makes it easier for a potential employer to hire someone. That adage is very true- it’s easier to get a new job, when you have a job you are still with. And it’s better to have one or two incomes that were less than the prior job, than no income at all.

Getting started

I went through and started by listing everyone that I owe. It’s kind of humbling to find out that you have 42K in debt and don’t make that in a year. I have 3 kids, work 2 jobs and am trying to go to school. While that debt does include my house and car, I messed up with getting those Pay Day loans and am now trying to pay those off. Another thing that I have had to do that may sound silly is constantly watch my bank account. (I didn’t do this before!). Money goes everywhere. What suggestions do you have for saving $$$ that can be put into lowering your debt. We have downgraded to basic cable, basic phone, and done the average billing on utilities. What else can I do?

I’ve seen /heard interviews by the author of this book this week. Sounds interesting. I haven’t bought it though.. may check it out at the library.

https://www.amazon.com/gp/product/031235522X/sr=8-1/qid=1153911402/ref=pd_bbs_1/104-0001140-7723152?ie=UTF8

Yep, that’s another reason why many folks can’t find a reasonable job in the USA. Our companies send the jobs over to India, China and other places. The biggest kick in the pants? Many of the soon to be displaced workers are ordered to TRAIN their replacements…!